Arnold, MD Cost of Living

Arnold cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

A general overview of the cost of living index for Arnold, MD is displayed above. In Arnold, MD, the overall cost of living index is 131, which is 14% higher than the Maryland average and 31% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Arnold, MD, the city's goods and services are 1% lower than the Maryland average and 9% lower than the U.S. average.

Did you know?

The cost of living in Arnold is 14% higher than the Maryland average.

The cost of living in Arnold is 31% higher than the national average.

The cost of housing in Arnold is 108% higher than the national average.

Maryland general sales tax is 18% higher than the national average.

Maryland state income tax is 10% lower than the national average.

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Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

The salary calculator allows you to compare how much your current salary in Arnold, MD would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Arnold, MD, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Arnold, MD salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$113,476

$9,456

$2,648

$3,405

Renters

$73,430

$6,119

$1,713

$2,203

The affordability of the housing market in Arnold, MD as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Arnold, MD homeowners, the median income is $113,476. This indicates that a monthly maximum of $2,648 should be spent by homeowners on all housing related costs. Renters have a median income of $73,430. This indicates that renters should have a maximum of $1,713 used for their rent related monthly costs.

Maryland Sales Tax

State

General Sales Tax

With Max Surtax

Maryland

6%

6%

Maryland Income Tax

State

Income Tax (Low)

Income Tax (High)

Maryland

2%

5.75%

When assessing the complete cost of living in Arnold, MD, the Maryland income tax and the Maryland sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Maryland maximum surtax is 6%, and the Maryland sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 2% to 5.75% in Maryland.

Goods & Services

Item

Arnold

National avg.

Difference

Haircut

$15.75

$14.59

7.9%

Beauty Salon

$43.00

$34.68

24.0%

Toothpaste

$2.13

$2.47

13.9%

Shampoo

$0.99

$1.02

3.1%

Movie

$10.81

$9.87

9.5%

Bowling

$5.30

$4.39

20.7%

Groceries

Item

Arnold

National avg.

Difference

Ground Beef

$3.49

$4.48

22.0%

Fried Chicken

$1.57

$1.46

7.2%

Milk

$2.59

$2.36

9.9%

Potatoes

$3.89

$3.06

27.1%

Pizza

$8.00

$9.24

13.4%

Beer

$8.49

$8.63

1.7%

Health Care

Item

Arnold

National avg.

Difference

Optometrist

$67.49

$99.78

32.4%

Doctor

$80.00

$105.03

23.8%

Dentist

$81.75

$88.70

7.8%

Ibuprofen

$10.58

$9.41

12.4%

Lipitor

$293.64

$298.50

1.6%

Housing

Item

Arnold

National avg.

Difference

Home Price

$381,700.00

$175,700.00

117.2%

Avg. Mortgage Payment

$1,575.45

$1,081.03

45.7%

Apartment Rent

$1,725.00

$920.00

87.5%

Transportation

Item

Arnold

National avg.

Difference

Gasoline

$2.28

$2.09

9.0%

Tire Balancing

$48.80

$45.29

7.8%

Utilities

Item

Arnold

National avg.

Difference

All Electricity

$159.30

$170.80

6.7%

Phone

$28.67

$28.26

1.5%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.